Global PV manufacturer Hanwha Q CELLS has released financial report for the first quarter of 2016. The company shipped 912MW of PV modules during the quarter and the net revenues significantly increased 54.4% year-on-year.

The report shows, Hanwha Q CELLS has shipped 912MW of PV modules in 1Q16, higher than the guidance of 850~900MW. Total net revenues were US$514.9 million, down 26.7% from $702.1 million in 4Q15 and up 54.4% from US$333.5 million in 1Q15.

Module shipments contributed US$501.6 million to the net revenue in 1Q16 as 899MW of shipments were recognized. The rest 13MW of PV modules were allocated for Q CELLS’ downstream projects.

The revenue decreased from the previous quarter partially due to the lower average selling price of revenue-recognized module shipments, which was US$0.56 per watt, compared with US$0.57 per watt in 4Q15. Besides, module shipments to North America represented 50.6% of the net revenues.

For the second quarter of 2016, Hanwha Q CELLS expects to ship 1,100~1,150MW of PV modules, of which approximately 15~20MW will be used for the company’s own PV projects.

As for the full year 2016, Hanwha Q CELLS aims to ship 4.8~5.0GW of PV modules, of which 4.6~4.8GW will be revenue-recognized.

Also, Hanwha Q CELLS plans to expand its cell and module capacities to 5.2GW and 5.2GW respectively, and scheduled to complete by mid-2016.

Gross profit in 1Q16 was US$109.0 million, lower than US$134.2 million in 4Q15 and higher than US$48.4 million in 1Q15. Gross margin climbed from 19.1% in 4Q15 and 14.5% in 1Q15 to 21.2% in 1Q16. The company expects gross margin of 19~20% in 2Q16.

Total operating expenses were US$52.3 million, down from US$80.4 million in 4Q15 and down 20.3% from US$65.6 million in 1Q15.

Operating income was US$56.7 million, compared with US$53.8 million in the previous quarter and an operating loss of US$17.2 million in 1Q15.

Earnings per fully diluted American Depositary Share ("ADS" and each ADS represents 50 of the Company's ordinary shares) were US$0.33, compared with earnings per fully diluted ADS of $0.31 in the fourth quarter of 2015 and a net loss per fully diluted ADS of $0.25 i First Quarter 2016 Results n the first quarter of 2015.